Last week, the Personal Finance Society stepped up
its campaign against scammers and fraudsters by joining the fight
against cold calling for pensions and investments.
We signed a petition, which was initiated by PFS member and Red
Circle Financial Planning director Darren Cooke, calling for the
practice to be banned.
Cold calling is a blight on our profession, targeting vulnerable
individuals who in many cases are being sold unregulated
investments and getting taken in by scammers.
The petition currently has more than 3,500 signatures but needs
to reach 10,000 by 21 March in order for the Government to
I'm sure members would agree that scammers and fraudsters
tarnish the reputation of our profession and that's why I'm urging
you to join the fight by SIGNING THE
You will be hearing more from me soon about other initiatives we
are spearheading to combat the threat of scams and fraud, and I'll
be calling on your support to weed out unscrupulous behaviour.
One-on-one with new FCA chief
Having previously met Andrew Bailey at a number of industry
events, I was pleased to accept his invitation for a formal
one-on-one meeting, which I attended last week.
It was an extremely constructive meeting and the FCA
chief clearly demonstrated an in-depth understanding
of the challenges facing the advice profession,
its clients and consumers more broadly.
We discussed potential improvements to
the FSCS, as well as other key issues
around suitability and the Senior Managers Regime.
We talked through the latest developments
around MiFID and the European Securities and Markets
Authority (ESMA), which highlights the value of the PFS's
accredited adviser directory linked to our consumer site
Andrew is keen to continue this engagement in
order to address some of these key issues, and equally
work on improving relationships and engagement with the profession
on a two-way basis.
As I mentioned in my previous blog, in the past few weeks we've
been busy responding to a number of regulatory consultations from
Treasury and the FCA.
Last week we submitted our response to the Treasury's
consultation on its proposed Pension Advice
Allowance (PAA), outlining our recommendation that the
allowance be broadened to ensure consumers seeking varying forms of
'advice' are offered access to the allowance.
Later this month we will be responding to the Treasury's
consultation on amending the definition of financial advice:
As always, I welcome your views and ideas - please direct any
constructive feedback to: firstname.lastname@example.org
About the Blog
In this blog Personal Finance Society CEO Keith Richards will be
keeping you up-to-date with all the Personal Finance Society news,
projects and initiatives that we have in the works.
Read past editions of the blog »